Added to YB: 2026-08-26
Pitch date: 2026-08-24
033200.KQ [neutral]
Moatech Co., Ltd.
+0.78%
current return
Author Info
Sung Capital is an alternative asset management firm run by Oliver Sung. We invest capital for families, registered investment advisors, and accredited investors through a private investment fund. We pick underpriced stocks, usually in pockets of the market where large pools of capital (funds and institutions) can’t or won’t invest, but we flip every stone. We pick stocks only, use no leverage, and require a significant margin of safety in every investment. Sign up for the newsletter.
Company Info
Moatech Co., Ltd. produces and sells precision motors in South Korea. The company offers stepping motors that are used in various home appliances, office equipment and IT products; actuators for automobile convenience and safety device; BLDC and fan motors; and special motors for EV automobiles.
Market Cap
KRW 23.3B
Pitch Price
KRW 2.5K
Price Target
5.6K (+119%)
Dividend
N/A
EV/EBITDA
55.65
P/E
-39.45
EV/Sales
-0.34
Sector
Electrical Equipment
Category
special_situation
All Korean net nets #1: how much hair is too much? - Moatech Co., Ltd.
033200.KQ (quick overview): Korean net-net Moatech (033200.KQ): KRW23bn cap at 0.53x NCAV, 0.4x book; ~KRW39bn net cash means negative EV, NCAV upside ~119% incl. investment property. Parent MinebeaMitsumi owns 79.17% (paid ~2x today's price for half in 2012) and has tried to delist before, needing 76% of the tiny 1.92mn-share float. Catalysts: April forced treasury cancellation lifted Minebea's stake; possible tender or squeeze-out. Auto-actuator biz drove FY26 revs +35% but still operating loss KRW1.7bn; book melts ~1%/yr. Key risk: KRX min market-cap rule (KRW20bn H2-26, KRW30bn Jan-27) could delist shares into a parent-controlled shell with no capital returns while you wait.
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